Crypto giant hit by cyberattack - Digital breach expected to cost Coinbase $400 million
Cryptocurrency company Coinbase has been hit by a cyberattack that could cause up to $400 million in economic damage. The firm is offering a $20 million reward for information leading to the identification of those responsible.
The world's third-largest cryptocurrency company was hit by a cyberattack that is expected to cost it $400 million in recovery costs.
According to foreign media, Coinbase revealed that it had received a threatening email on May 11, which claimed to have information on several customer accounts and company documents. As it is further stated, the hackers managed to collect the sensitive data by paying several employees and contractors outside the US.
Coinbase said all employees involved have been fired. The hackers stole customers' names, emails and addresses, but were unable to access their login information or passwords, according to Coinbase.
The company plans to refund all of its customers who fell victim to the scam. The total is estimated to be between $180 million and $400 million.
Coinbase legal officials notified the US Department of Justice and other international law enforcement agencies and “look forward to criminal prosecution of those responsible.”
Coinbase has refused to pay the $20 million demanded and is instead cooperating with law enforcement agencies, offering a $20 million reward for information on the culprits.
This came just months after North Korean hackers executed what is considered the largest cryptocurrency heist in history, stealing $1.5 billion worth of Ethereum from ByBit.
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